Gold futures endured their sharpest losses in more than 90 days on Monday as preoccupations swirled about the reduced pace of the world's economic health, Bloomberg reports.
U.S. President Barack Obama and Republican challenger Mitt Romney are set to meet Tuesday evening for their second debate as Election Day looms three-plus weeks out. Obama and Romney are vying to steward the globe's largest economy, which has emerged as a central theme of the presidential election.
"Gold is taking a breather ahead of the debate and should Romney emerge stronger, people are worried there may soon be talks about an expiration date for QE3," futures specialist Sterling Smith with Citigroup Inc.'s institutional client group in Chicago told the news source, referencing the third round of quantitative easing, the U.S. central bank effort to support the U.S. economy. "The slowdown concerns continue to put pressure on the entire commodity pack."
At 10:34 a.m. on Monday, gold futures dropped 1.56 percent, a $27.40 loss to $1,732.30 per troy ounce.
Reuters reports the precious metal fell to its lowest price in nearly three weeks on Monday after the steep drop.
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